The company\u2019s SEC filings and reports have indicated since October the company was facing financial difficulties and might have to \u201cterminate or significantly curtail\u201d its operations.<\/p>\n\n\n\n
Another electric vehicle startup is struggling in the face of a difficult EV market. <\/p>\n\n\n\n
Texas-based Canoo, which had plans to produce EVs and batteries in Oklahoma, announced it’s furloughing 30 workers as it struggles financially. <\/p>\n\n\n\n
The company made the announcement in a statement to local media, Tulsa World\u2002reported<\/u><\/a> Monday. <\/p>\n\n\n\n The company\u2019s Security and Exchange Commission filings and reports to security holders posted on its website<\/u><\/a> indicated since October the company was facing financial difficulties and might have to \u201cterminate or significantly curtail\u201d its operations. According to a report to security holders, the company performed an analysis that raised \u201csubstantial doubt\u201d about its ability to continue operating. <\/p>\n\n\n\n Last summer, California-based EV startup Fisker filed for bankruptcy<\/u><\/a> in the midst of a difficult EV market in which consumer demand is not growing as automakers had anticipated. <\/p>\n\n\n\n Even the big automakers are scaling back their EV plans<\/u><\/a>. Ford Motor Company lost $1.224 billion on its electric vehicle lines in the third quarter of this year, bringing the total losses on EVs so far this year to $3.7 billion. Shortly after its earnings call, the company announced it would be pausing production of its electric Ford F-150 Lightning<\/u><\/a>.<\/p>\n\n\n\n